Helium Solana migration details and timing in full
13:49, 22 September 2022
Helium’s community has voted to migrate the network from the native Helium blockchain to Solana.
Helium (HNT), a mining network that powers Internet of Things and 5G, is looking to take advantage of Solana’s efficient blockchain, giving developers room to focus on the platform.
More than 6,000 community members voted for the Helium Improvement Proposal (HIP), while 1,270 others, or roughly 18%, voted against it. This saw it pass the required two-thirds threshold of votes.
HNT to USD
Helium’s move to the Solana (SOL) blockchain is said to take effect in the fourth quarter of 2022.
What does this mean for Helium investors?
HIP 70, the proposal that was recently passed, will not change the fundamentals of the network, according to Helium. However, it will bring “several benefits to the Helium Network”. Scott Sigel, chief operating officer of the Helium Foundation, said in a statement:
Investors are also said to have advantages from the migration, including a schedule of two million HNT tokens to be added to reward pools every year.
A blog post also said there would be more rewards for Helium hotspot owners, consistent mining, and reliability improvements to the data transfers.
Helium will also be giving validators a staking bonus during the migration. For the first seven days of the transition, validators will earn three times as much HNT.
Timings and the post-migration landscape
If the migration goes smoothly, Helium will move to the Solana blockchain by the end of this year. The transition could have significant advantages for the network. Anatoly Yakovenko, chief executive of Solana Labs and co-founder of Solana, said in a statement:
A new version of the network’s wallet will be made available once the migration is complete. It will also keep the history of the original Helium blockchain.
Greater interoperability is expected post-migration. HNT holders will be able to store their tokens in other Solana-based wallets, including Phantom and Solflare.
Network users will also gain access to decentralised finance (DeFi) protocols, non-fungible token (NFT) marketplaces and other decentralised applications (dApps) on Solana. Sigel added:
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